"Federal work-study is one of the more commonly misunderstood components of financial aid," according to The Wall Street Journal. 

"But for eligible students, these part-time jobs can be an opportunity to borrow less for college and to gain responsibility and experience. Here are several points for families to keep in mind about the ins and outs of work-study.

Eligibility

Federal work-study jobs are available at participating schools for full-time or part-time undergraduate, graduate or professional students who demonstrate financial need. In the past few years, more than 3,000 colleges were allocated federal work-study funds, according to the Education Department. Each school sets its own criteria for need and how the money is apportioned.

How and when to apply

To apply for work-study, students need to complete the Free Application for Federal Student Aid, or Fafsa—the government form for financial-aid consideration—and should answer yes to the question: 'Are you interested in being considered for work-study?'

Answering yes won’t guarantee a position, but some schools will award work-study only to students who expressly indicate a desire for it. So it is best to say yes if there is any chance the student might want this type of position, says Karen McCarthy, director of policy analysis at the National Association of Student Financial Aid Administrators.

It is important to fill out the Fafsa as soon as possible. Schools that participate in work-study have limited funds to award to eligible students, and some do so on a first-come, first-served-basis. Students who have already submitted a Fafsa for the coming school year should contact their school’s financial-aid office if they didn’t indicate their preference on the form but want to be considered for work-study opportunities."

NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.

Publication Date: 12/10/2018